The U.S. nonresidential construction market may continue to see slow growth for most of the rest of 2003, but it may begin recovery by the middle of 2004 as excess capacity continues to be worked through, according to FMI’s Construction Outlook — Third Quarter 2003.

Office construction, especially in areas affected by the hi-tech slump, will continue to falter for the next 12 to 18 months. Industrial space markets have made progress toward positive absorption rates in many markets due to sharply curtailed new construction during the past three years. Unfortunately, it will continue to have excess supply until new orders and plant capacity utilization rates pick up. At that time, markets could improve rapidly given the age and condition of much of the manufacturing facility stock. Hotel construction is expected to slip in 2003 before recovering in 2004 as innkeeper balance sheets improve with a more confident traveling public.

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